What is the procedure for loan against property
08-Apr-2023 (In Documentation Law)
I would like to know the procedure for loan against property. This is not a home loan. I have submitted my loan application to the bank along with the title deed documents. They have verified all documents and assessed the property by a 3rd part evaluator as well as the bank evaluator. I would like to know if the procedures are correct. I also would like to know the procedure to release the property from mortgage after repaying the loan. Thank you very much in advance.
Prima facie, it appears that the loan would be released against deposit of deed; in such a case, the release of property takes place once the deed is released.
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